VolitionRx Narrows Losses Amid Revenue Growth, Cash Dries Up

TL;DR

**VNRX is burning cash at an alarming rate despite narrowing losses; liquidity is the immediate concern, not revenue growth.**

AI Summary

VolitionRx Limited reported a net loss of $17,200,488 for the nine months ended September 30, 2025, a 19.6% improvement from the $21,400,758 net loss in the prior year period. Total revenues increased to $1,280,350 for the nine months ended September 30, 2025, up from $1,041,854 in the same period of 2024, driven by a 135.1% increase in service revenues to $366,150 and a 3.2% increase in product revenues to $914,200. Operating expenses decreased by 18.3% to $18,200,537, primarily due to a significant 35.5% reduction in research and development expenses to $7,613,228. However, general and administrative expenses rose by 20.7% to $7,667,909. The company's cash and cash equivalents plummeted from $3,264,429 at December 31, 2024, to $199,407 by September 30, 2025, reflecting substantial cash usage in operating activities of $14,191,467. Total liabilities increased to $42,398,447 from $35,507,259, largely due to new convertible notes and warrants, while stockholders' deficit deepened to $(35,949,562).

Why It Matters

This 10-Q reveals VolitionRx is making progress in reducing its net loss and growing revenue, which could signal a path towards sustainability for investors. However, the drastic decline in cash and the deepening stockholders' deficit raise significant concerns about liquidity and the company's ability to fund future operations and R&D, especially given the competitive diagnostics market. Employees might face uncertainty if further capital raises are challenging, and customers could see product development slow. The competitive landscape, with larger players like Roche and Abbott, demands significant R&D investment, which VolitionRx's current cash position may hinder, impacting its market share and long-term viability.

Risk Assessment

Risk Level: high — The company's cash and cash equivalents dropped from $3,264,429 at December 31, 2024, to $199,407 by September 30, 2025, indicating a severe liquidity crunch. Net cash used in operating activities was $14,191,467 for the nine months ended September 30, 2025. The filing also explicitly mentions the possibility that the company may not be able to continue to operate, as indicated by a 'going concern' opinion from its auditors, highlighting substantial doubt about its ability to continue as a going concern.

Analyst Insight

Investors should exercise extreme caution and consider the significant liquidity risks. Await further clarity on the company's financing plans and ability to secure additional capital before making any investment decisions. The current cash burn rate is unsustainable without immediate and substantial new funding.

Financial Highlights

debt To Equity

N/A

revenue

$1.28M

operating Margin

N/A

total Assets

$6.45M

total Debt

$42.4M

net Income

-$17.2M

eps

$0.05

gross Margin

N/A

cash Position

$199K

revenue Growth

+22.9%

Revenue Breakdown

Key Numbers

• $17.2M — Net Loss (Decreased by 19.6% from $21.4M in the prior year period.)
• $1.28M — Total Revenues (Increased by 22.9% from $1.04M in the prior year period.)
• $199K — Cash and Cash Equivalents (Decreased by 93.9% from $3.26M at December 31, 2024.)
• $14.19M — Net Cash Used in Operating Activities (Significant cash burn for the nine months ended September 30, 2025.)
• $7.61M — Research and Development Expenses (Decreased by 35.5% from $11.82M in the prior year period.)
• $7.67M — General and Administrative Expenses (Increased by 20.7% from $6.35M in the prior year period.)
• $42.4M — Total Liabilities (Increased from $35.5M at December 31, 2024.)
• $(35.9M) — Total Stockholders' Deficit (Deepened from $(26.1M) at December 31, 2024.)
• 122,801,572 — Shares Outstanding (As of November 7, 2025.)
• $0.05 — Net Loss Per Share (Q3 2025) (Improved from $0.07 in Q3 2024.)

Key Players & Entities

• VolitionRx Limited (company) — Registrant of the 10-Q filing
• $17,200,488 (dollar_amount) — Net loss for the nine months ended September 30, 2025
• $21,400,758 (dollar_amount) — Net loss for the nine months ended September 30, 2024
• $1,280,350 (dollar_amount) — Total revenues for the nine months ended September 30, 2025
• $1,041,854 (dollar_amount) — Total revenues for the nine months ended September 30, 2024
• $199,407 (dollar_amount) — Cash and cash equivalents as of September 30, 2025
• $3,264,429 (dollar_amount) — Cash and cash equivalents as of December 31, 2024
• $14,191,467 (dollar_amount) — Net cash used in operating activities for the nine months ended September 30, 2025
• $42,398,447 (dollar_amount) — Total Liabilities as of September 30, 2025
• $(35,949,562) (dollar_amount) — Total Stockholders' Deficit as of September 30, 2025

FAQ

Risk Factors

• Deteriorating Cash Position [high — financial]: The company's cash and cash equivalents have drastically decreased from $3,264,429 at December 31, 2024, to $199,407 by September 30, 2025. This represents a 93.9% reduction, indicating a severe cash burn rate of $14,191,467 for operating activities during the nine-month period.
• Increasing Liabilities and Stockholders' Deficit [high — financial]: Total liabilities have grown to $42,398,447 from $35,507,259, largely due to new convertible notes and warrants. Concurrently, the stockholders' deficit has widened to $(35,949,562), signaling a weakening equity position.
• Rising General and Administrative Expenses [medium — operational]: Despite efforts to reduce overall operating expenses, General and Administrative (G&A) expenses increased by 20.7% to $7,667,909. This rise, while R&D expenses were cut, could indicate increasing overhead or administrative burdens.
• Dependence on Future Financing [high — financial]: The substantial cash burn and declining cash reserves suggest a significant need for future financing. The company's ability to continue operations will likely depend on its success in raising additional capital, which may be challenging given the current financial state.
• Regulatory Compliance for Diagnostics [medium — regulatory]: As a company developing diagnostic tests, VolitionRx is subject to stringent regulatory approvals (e.g., FDA in the US, CE marking in Europe). Delays or failures in obtaining these approvals can significantly impact market entry and revenue generation.
• Competition in Diagnostic Market [medium — market]: The cancer diagnostics market is highly competitive, with established players and emerging technologies. VolitionRx faces competition from companies offering both traditional and novel diagnostic solutions, requiring continuous innovation and effective market penetration strategies.
• Research and Development Execution [medium — operational]: While R&D expenses were reduced by 35.5% to $7,613,228, the company's success hinges on the effective development and commercialization of its diagnostic platforms. Any setbacks in R&D could hinder future growth prospects.
• Convertible Debt and Dilution Risk [medium — financial]: The issuance of new convertible notes and warrants increases total liabilities and poses a future risk of dilution for existing shareholders if converted into equity. The current market price of the stock will influence the conversion decision and potential dilution.

Industry Context

VolitionRx operates in the highly competitive and rapidly evolving cancer diagnostics market. The industry is characterized by significant investment in research and development, stringent regulatory hurdles, and a growing demand for early detection and personalized medicine. Key trends include the advancement of liquid biopsy technologies and the integration of artificial intelligence in diagnostic interpretation.

Regulatory Implications

As a developer of diagnostic tests, VolitionRx faces significant regulatory scrutiny from bodies like the FDA and EMA. Obtaining and maintaining regulatory approvals is critical for market access and commercialization. Any delays or failures in the regulatory process can severely impact the company's ability to generate revenue and achieve its business objectives.

What Investors Should Do

1. Monitor cash burn and future financing needs closely.
2. Evaluate the commercialization strategy and regulatory pathway for key products.
3. Assess the impact of increasing G&A expenses on profitability.
4. Understand the terms and potential dilution from convertible notes and warrants.

Glossary

Stockholders' Deficit

A negative stockholders' equity, meaning the company's liabilities exceed its assets. This indicates that if all assets were liquidated, there would not be enough to cover all debts. (VolitionRx's stockholders' deficit has deepened to $(35,949,562), highlighting the company's negative net worth and financial challenges.)

Convertible Note Payable

A type of debt that can be converted into a predetermined amount of the issuer's equity at certain times during its life, usually at the bondholder's option. (The company has issued new convertible notes, increasing its liabilities and potentially leading to future equity dilution.)

Warrant Liability

A financial instrument that gives the holder the right, but not the obligation, to purchase a company's stock at a specific price within a certain timeframe. When issued in conjunction with other securities, they may be accounted for as a liability. (The presence of warrant liability contributes to the company's overall liabilities and can lead to future dilution.)

Accumulated Deficit

The cumulative net losses of a company since its inception that have not been offset by net income. It represents retained earnings that are negative. (VolitionRx has a substantial accumulated deficit of $(246,630,538) as of September 30, 2025, reflecting its history of operating losses.)

Derivative Liability

A financial instrument whose value is derived from an underlying asset, group of assets, or benchmark. It is recorded as a liability if it represents an obligation to deliver cash or another financial instrument. (The emergence of a derivative liability of $319,347 in the current period warrants attention, as its nature and impact need to be understood.)

Year-Over-Year Comparison

Compared to the prior year period, VolitionRx has shown revenue growth of 22.9%, reaching $1.28M, driven by a substantial increase in service revenues. However, this top-line improvement is overshadowed by a significant cash burn, leading to a 93.9% decrease in cash and cash equivalents. Operating expenses have decreased overall due to reduced R&D, but G&A expenses have risen. Liabilities have increased, and the stockholders' deficit has widened, indicating a deteriorating financial position despite revenue gains.

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 per share VNRX NYSE American, LLC

Filing Documents

• vnrx_10q.htm (10-Q) — 1861KB
• vnrx_ex43.htm (EX-4.3) — 63KB
• vnrx_ex311.htm (EX-31.1) — 13KB
• vnrx_ex312.htm (EX-31.2) — 13KB
• vnrx_ex321.htm (EX-32.1) — 6KB
• 0001477932-25-008186.txt ( ) — 9229KB
• vnrx-20250930.xsd (EX-101.SCH) — 96KB
• vnrx-20250930_lab.xml (EX-101.LAB) — 468KB
• vnrx-20250930_cal.xml (EX-101.CAL) — 58KB
• vnrx-20250930_pre.xml (EX-101.PRE) — 453KB
• vnrx-20250930_def.xml (EX-101.DEF) — 333KB
• vnrx_10q_htm.xml (XML) — 1841KB

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 4 Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 48 PART II OTHER INFORMATION Item 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 50 Item 1A.

RISK FACTORS

RISK FACTORS 50 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 50 Item 3. DEFAULTS UPON SENIOR SECURITIES 50 Item 4. MINE SAFETY DISCLOSURES 50 Item 5. OTHER INFORMATION 50 Item 6. EXHIBITS 51

SIGNATURES

SIGNATURES 52 2 Table of Contents U se of Terms Except as otherwise indicated by the context, references in this Quarterly Report on Form 10-Q to the "Company," "VolitionRx," "Volition," "we," "us," and "our" are references to VolitionRx Limited and its wholly owned subsidiaries, Volition Global Services SRL, Singapore Volition Pte. Limited, Belgian Volition SRL, Volition Diagnostics UK Limited, Volition America, Inc., and its majority-owned subsidiary, Volition Veterinary Diagnostics Development LLC. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of the United States of America. Nucleosomics TM, , Capture-PCR TM , Nu.Q and Capture-Seq TM and their respective logos are trademarks and/or service marks of VolitionRx and its subsidiaries. All other trademarks, service marks and trade names referred to herein are the property of their respective owners. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 , (this "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Report or incorporated by reference into this Report are forward-looking statements. We have attempted to identify forward-looking statements by using words such as "aim," "anticipate," "believe," "continue," "could," "estimate(s)," "expect," "forecast(s)," "goal," "intend," "may," "plan(s)," "potential," "project," "seek," "should," "strategy," "will," and other forms of these words or simi

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Page Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations and Comprehensive Loss 6 Condensed Consolidated Statements of Stockholders' Deficit 7 Condensed Consolidated Statements of Cash Flows 9 Notes to the Condensed Consolidated Financial Statements 10 4 Table of Contents VOL ITIONRX LIMITED Condensed Consolidated Balance Sheets (Expressed in United States Dollars, except share numbers) September 30, December 31, 2025 2024 $ $ ASSETS (UNAUDITED) Current Assets Cash and cash equivalents 199,407 3,264,429 Accounts receivable 309,085 110,574 Prepaid expenses 460,070 338,660 Other current assets 363,515 343,145 Total Current Assets 1,332,077 4,056,808 Property and equipment, net 4,243,486 4,429,152 Operating lease right-of-use assets 572,289 599,816 Intangible assets, net 301,033 313,747 Total Assets 6,448,885 9,399,523 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable 3,114,430 2,766,178 Accrued liabilities 4,585,137 3,476,903 Deferred revenue 354,000 230,000 Management and directors' fees payable 115,822 30,086 Current portion of long-term debt 913,582 860,223 Current portion of finance lease liabilities 54,020 46,737 Current portion of operating lease liabilities 254,644 221,755 Current portion of grant repayable 69,123 60,979 Warrant liability 112,770 97,886 Derivative liability 319,347 - Current portion of convertible note payable, net 1,529,152 - Total Current Liabilities 11,422,027 7,790,747 Deferred revenue, net of current portion 22,026,769 22,663,400 Long-term debt, net of current portion 5,565,751 3,952,846 Finance lease liabilities, net of current portion 331,550 328,338 Operating lease liabilities, net of current portion 351,211 410,686 Grant repayable, net of current portion 442,494

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